Here is a simple analysis using 4 moving averages and a regression channel start on March 24, 2020. VWMA 20 days (shown as a band with SMA 20 in the middle), SMA 50, 100, and 200 days.
The S&P is at a make or break moment. It broke below the regression channel on Monday and is hang on the edge of it today. You can also see that it found support on the 100 day SMA, but is being held down by both the 20 and 50 day.
IMO, next week will likely decide the market direction. It can either break above the 20 and 50 to solidly regain the up channel, or it will correct down further. It could go sideways for a while, but by next Friday I hope it will be come clear. There is a large gap at the $400 level that has yet to be filled. It will be interesting to see if that comes into play if the S&P breaks to the down side. However, I would not be surprise if it breaks to the up side and tests the ATH around the middle of the channel.
The S&P is at a make or break moment. It broke below the regression channel on Monday and is hang on the edge of it today. You can also see that it found support on the 100 day SMA, but is being held down by both the 20 and 50 day.
IMO, next week will likely decide the market direction. It can either break above the 20 and 50 to solidly regain the up channel, or it will correct down further. It could go sideways for a while, but by next Friday I hope it will be come clear. There is a large gap at the $400 level that has yet to be filled. It will be interesting to see if that comes into play if the S&P breaks to the down side. However, I would not be surprise if it breaks to the up side and tests the ATH around the middle of the channel.
